Shipping and marine insurer North P&I is discussing a proposed merger with fellow mutual Standard Club - a move that would create one of the world's largest maritime insurance groups.
Newcastle-based North and London-based Standard Club would join to create NorthStandard with a joint premium income of £612m ($800m) and assets of £1.5bn ($2bn).
Speaking to BusinessLive, North P&I CEO Paul Jennings said he was very confident the merger would happen and noted the proposal had been enthusiastically backed by ship operating customers, or members as they are known.
